Global Cybersecurity Market is anticipated to grow at a CAGR of ~12% from 2020 to 2030.

Market Industry Reports (MIR) has published a new report titled “Global Cybersecurity Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Global Cybersecurity Market accounted for over US$ 140 billion in 2019. It is anticipated to grow at a CAGR of ~12% from 2020 to 2030.

The rising penetration of mobile & wireless devices is the prime factor driving the growth of the cybersecurity market.  According to the International Telecommunication Union (ITU), there will be more than 12 billion machine-to-machine devices connected to the internet by 2020. However, with a rise in the number of connected devices, organizations are facing cyber threats.

The number of cyberattacks on public sector establishments is on the rise. Attacks on government networks have resulted in the loss of critical data and deprived citizens’ access to various critical services. The average cost of the cyber-attacks soared to over USD 5 million in 2017, with system downtime and loss of productivity accounting for the majority of the cost. These unexpected expenses take a toll on government budgets. Thus, the increasing attacks on the government sector are offering a new market avenue for the players present in this market.

The increasing implementation of IoT devices is driving the growth of the cybersecurity market in the manufacturing segment. Manufacturing companies are employing IoT architecture, as it allows employees and business associates to connect to the company’s network through remote locations. Due to the lack of awareness and preparedness, organizations do not adequately invest in cybersecurity management to protect their critical infrastructure. Also, budgetary constraints remain one of the biggest barriers to the adoption of advanced cybersecurity solutions.

Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Global Cybersecurity Market Size By Product Type (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support]), By Organization (Small and Medium sized Enterprises (SMEs), Government Organizations, Large Enterprises), By Industry (Banking, Government, Manufacturing, Transportation, IT and Telecom, Insurance, Securities) – Global Analysis & Forecast 2020-2030. in detail along with the table of contents:

 The demand for cybersecurity solutions in Latin America is expected to accelerate over the forecast timeline due to the rapid penetration of smartphones and rising investments by the government in broadband infrastructure. High-class connectivity has fueled the adoption of digital platforms among small as well as large organizations for conducting online transactions. This has resulted in an upsurge in cyber-attacks. In October 2018, INTERPOL launched a training project, Cyber-crime Building Project in the Americas, assisting the police department across Latin America and the Caribbean to enhance their capabilities to fight cybercrime.

Some of the prominent players present in the cybersecurity market include Intel Corporation, McAfee LLC, IBM Corporation, Oracle Corporation, Microsoft Corporation, Symantec Corporation, Trend Micro Inc., Check Point Software Technologies Ltd., Palo Alto Networks, and Hewlett Packard Enterprise Development LP., among others.

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